Marketing is the methodology of communicating the value of a product or service to customers for the purpose of selling
that product or service. Marketing techniques include choosing target markets through market analysis
and market segmentation, as well
as understanding consumer
behavior and advertising a
product's value to the customer. From a societal point of view, marketing is
the link between a society's material requirements and its economic patterns of response. Marketing
satisfies these needs and wants through exchange processes and building long
term relationships. Marketing blends art and applied
science (such as behavioral sciences) and makes use of information technology.
The functions of marketing are those professional actions
marketer should undertake in order to achieve your set marketing objectives.
Some of the functions are...
1.
Research
functions: This is the first step to marketing because the research
function of marketing enables you to gather adequate information regarding your
particular target market. You must carry out adequate research to identify the size,
behavior, culture, belief, gender etc. of your target market segment, their
needs and want, and then develop effective product that can meet and satisfy
these market needs and want.
2.
Buying functions: The function of buying is performed in
order to acquire quality materials for production. When you design a good
product concept, you should also ensure you're buying the essential materials
for the product. This function is carried out by the purchase and supply
department, but your specifications of materials goes a long way in assisting the
purchasing department to acquire the necessary materials needed for production.
3.
Product development and management: Product
development is an essential function of marketing since it is the duty of the
marketing department to identify what the market needs or wants and then design
effective product based on the identified needs and wants of the market.
Product development passes through some basic stages carried out by the
marketers to develop a targeted market specified product. And you can also
manage your product by evaluating its performance and changing them to fit the
current market trend. Production is the function performed by the production
department. Though, this is interrelated to the department of marketing,
because your product must possess the essential characteristics that can meet
the target market needs and want as identified during your market research,
such characteristics as in your product Test, Form, Packaging etc.
4.
Promotion function: Promotion is one of the core functions
of marketing since your finish product must not remain in the place of
production, hence, you as a marketer must design
effective communication strategies to informing the availability of your
product to your target market. You must be able to design effective strategies
to communicate your product’s availability and features to your target market,
such strategies as in; advertisement, personal selling, public relation etc.
5.
Standardization and grading: The
function of standardization is to establish specified characteristics that your
product must conform to, such standard as in having a specific taste,
ingredient etc. That makes your product brand so unique. Grading comes in when
you sort and classify your product into different sizes or quantities for
different market segments while maintaining your product standard.
6.
Pricing function: You perform the function of pricing on
your product offerings by designing effective pricing systems based on your
product stage and performance in the product life cycle. Price is the actual
value consumers perceive of your product, so you as a marketer should ensure
that your value of your product is not too high or too low to that of your
costumers.
7.
Distribution function: The function of distribution is to
ensure that your product is easily and effectively moved from the point of
production to the target market, the kind of transportation system to employ
e.g. Road, rail, water or air, and ensure that the product can be easily accessed
by customers. You as a marketer should also design the kind of middlemen
to engage in the channel of distribution, their incentives and motivations etc.
8.
Risk bearing function: The process of moving a finished
product from the point of production to the point of consumptions is
characterized with lots of risks, such risks as in product damaging, pilferage
and defaults etc. So you must provide effective packaging system to protect
your product, good warehouse for the storage of your product until they are
needed, effective transportation system to speedily deliver your product on
time.
9.
Financing function: Financing deals with the part of
marketing to providing incomes for your business. It refers to how you can
raise capital to start operation and remain in business. It refers to your
modes of payment for the goods and services transferred to your costumers.
10.
After sales-service: in a more
complex and technical product, you as a marketer should make provision in order
to assist your customers after they have purchased your product. In terms of machines
or heavy equipment product that requires installation or maintenance, most
marketing organization renders such services like installing the machine or
maintaining it for stipulated periods on time for free or by a little service charge.
After sales services is an effective marketing strategy to building a long
lasting customer relationship, staying ahead of your competitors while making
profit for your organization.
Adequate
understanding of these functions enables you as a marketer to know what is required
to be done to have an effective transfer of ownership
between you and your costumers, creating a big picture of your business, while
also making profit for your organization.
If you are thinking of
advertising in Nigeria, please contact PoiseMedia Communications at www.poisemedianigeria.com or check our contact at the bottom of this blog. We can help you
identify your market and reach them. We apply both BTL and ATL strategies to
project our clients’ brands to the right audience. We can do same for you at
very affordable price.
Lilian Izuorah
BusinessDevelopmentOfficer
PoiseMedia Communications Ltd
